William B. Blount
Encyclopedia
William B. "Bill" Blount (born 1954) is an investment banker, bond underwriter, and former Alabama
Democratic Party
chairman. In 2009, he pleaded guilty to federal bribery and conspiracy charges in exchange for testimony against former Birmingham, Alabama
, mayor Larry Langford
.
, where he served as President of the Student Government Association (SGA). He graduated from the University of Alabama School of Law
in 1978 and did graduate work in the United Kingdom
.
for six years before forming his own firm, the William B. Blount Company (now Blount Parrish & Company), in 1985. While in the investment banking business, he completed hundreds of tax-exempt and taxable financings for public utilities, hospitals, corporations, cities, counties, school boards and other entities. Blount also founded or co-founded several other companies involved in solid waste handling, communications, publishing and manufacturing. In the 1990s Blount Parrish was involved in controversial bond deals proposed to raise capital for the construction of warehouses at the Alabama State Docks in Mobile
.
to testify as part of the investigation. Both refused to testify without citing a specific legal privilege excusing their refusal. On December 1, 2008, Blount and Langford were given a 101 count indictment including federal bribery, corruption, and conspiracy charges of creating "pay to play" criminal schemes in which they personally and professionally profited from Jefferson County’s
billion-dollar sewer bond deals. The indictment charged that between 2003 and 2006, former Birmingham mayor Larry Langford
received payments totaling $235,000 from Blount. Prosecutors also alleged that Blount bought Langford expensive gifts such as Tourneau
and Rolex
watches, totaling about $22,000, and luxury clothing during trips to New York City
, where commissioners discussed bond deals with Wall Street
. On August 18, 2009, Blount pleaded guilty to one count of conspiracy and one count of bribery and agreed to forfeit $1 million. Blount was sentenced to jail on February 26, 2010 for 4 years and 4 months.
Alabama
Alabama is a state located in the southeastern region of the United States. It is bordered by Tennessee to the north, Georgia to the east, Florida and the Gulf of Mexico to the south, and Mississippi to the west. Alabama ranks 30th in total land area and ranks second in the size of its inland...
Democratic Party
Democratic Party (United States)
The Democratic Party is one of two major contemporary political parties in the United States, along with the Republican Party. The party's socially liberal and progressive platform is largely considered center-left in the U.S. political spectrum. The party has the lengthiest record of continuous...
chairman. In 2009, he pleaded guilty to federal bribery and conspiracy charges in exchange for testimony against former Birmingham, Alabama
Birmingham, Alabama
Birmingham is the largest city in Alabama. The city is the county seat of Jefferson County. According to the 2010 United States Census, Birmingham had a population of 212,237. The Birmingham-Hoover Metropolitan Area, in estimate by the U.S...
, mayor Larry Langford
Larry Langford
Larry Paul Langford is the former mayor of the city of Birmingham, Alabama. He previously served on the Jefferson County, Alabama, Commission, including four years as the first African American commission president. He also served as mayor of Fairfield, Alabama, and served one term on the...
.
Education
Bill Blount is a 1975 graduate of the University of AlabamaUniversity of Alabama
The University of Alabama is a public coeducational university located in Tuscaloosa, Alabama, United States....
, where he served as President of the Student Government Association (SGA). He graduated from the University of Alabama School of Law
University of Alabama School of Law
The University of Alabama School of Law located in Tuscaloosa, Alabama is a nationally ranked top-tier law school and the only public law school in the state. In total, it is one of five law schools in the state, and one of three that are ABA accredited.The diverse student body, of approximately...
in 1978 and did graduate work in the United Kingdom
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
.
Career
He was a partner with a large regional investment banking firm in MontgomeryMontgomery, Alabama
Montgomery is the capital of the U.S. state of Alabama, and is the county seat of Montgomery County. It is located on the Alabama River southeast of the center of the state, in the Gulf Coastal Plain. As of the 2010 census, Montgomery had a population of 205,764 making it the second-largest city...
for six years before forming his own firm, the William B. Blount Company (now Blount Parrish & Company), in 1985. While in the investment banking business, he completed hundreds of tax-exempt and taxable financings for public utilities, hospitals, corporations, cities, counties, school boards and other entities. Blount also founded or co-founded several other companies involved in solid waste handling, communications, publishing and manufacturing. In the 1990s Blount Parrish was involved in controversial bond deals proposed to raise capital for the construction of warehouses at the Alabama State Docks in Mobile
Mobile, Alabama
Mobile is the third most populous city in the Southern US state of Alabama and is the county seat of Mobile County. It is located on the Mobile River and the central Gulf Coast of the United States. The population within the city limits was 195,111 during the 2010 census. It is the largest...
.
2008 Federal Charges
In December 2007, Blount and Langford were subpoenaed to a U. S. District Court in Miami, FloridaMiami, Florida
Miami is a city located on the Atlantic coast in southeastern Florida and the county seat of Miami-Dade County, the most populous county in Florida and the eighth-most populous county in the United States with a population of 2,500,625...
to testify as part of the investigation. Both refused to testify without citing a specific legal privilege excusing their refusal. On December 1, 2008, Blount and Langford were given a 101 count indictment including federal bribery, corruption, and conspiracy charges of creating "pay to play" criminal schemes in which they personally and professionally profited from Jefferson County’s
Jefferson County, Alabama
Jefferson County is the most populous county in the U.S. state of Alabama, with its county seat being located in Birmingham.As of the 2010 U.S. Census, the population of Jefferson County was 658,466...
billion-dollar sewer bond deals. The indictment charged that between 2003 and 2006, former Birmingham mayor Larry Langford
Larry Langford
Larry Paul Langford is the former mayor of the city of Birmingham, Alabama. He previously served on the Jefferson County, Alabama, Commission, including four years as the first African American commission president. He also served as mayor of Fairfield, Alabama, and served one term on the...
received payments totaling $235,000 from Blount. Prosecutors also alleged that Blount bought Langford expensive gifts such as Tourneau
Tourneau
Tourneau, Inc., is a watch retailer established in 1900 and based in the United States. Selling from inexpensive brands such as Citizen and Swatch all the way to top brands including Rolex and Patek Philippe & Co., and others, Tourneau with 37 boutique locations is one of America's largest...
and Rolex
Rolex
Rolex SA is a Swiss watchmaking manufacturer of high-quality, luxury wristwatches. Rolex watches are popularly regarded as status symbols and BusinessWeek magazine ranks Rolex No.71 on its 2007 annual list of the 100 most valuable global brands...
watches, totaling about $22,000, and luxury clothing during trips to New York City
New York City
New York is the most populous city in the United States and the center of the New York Metropolitan Area, one of the most populous metropolitan areas in the world. New York exerts a significant impact upon global commerce, finance, media, art, fashion, research, technology, education, and...
, where commissioners discussed bond deals with Wall Street
Wall Street
Wall Street refers to the financial district of New York City, named after and centered on the eight-block-long street running from Broadway to South Street on the East River in Lower Manhattan. Over time, the term has become a metonym for the financial markets of the United States as a whole, or...
. On August 18, 2009, Blount pleaded guilty to one count of conspiracy and one count of bribery and agreed to forfeit $1 million. Blount was sentenced to jail on February 26, 2010 for 4 years and 4 months.